LACKIE: Time to start preparing for the fall market

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Now that interest rates are sitting higher than anyone thought possible, it seems prudent to point out everything has changed once again.

Pricing matters more than ever. Just because you want a peak of 2022 price, doesn’t mean that this market will necessarily support it. Throwing it up with a big bold number you pull from the sky and letting the market drift it down is called “price discovery” and it almost invariably yields less than what you might have achieved had you come to market priced to sell.Article content

Equally important is your pricing strategy. The days of pricing low to produce a bidding war are behind us with rare exception. Buyers have to be disciplined because lenders are watching and appraisals matter more than ever. In the absence of week-over-week appreciation, there are very few left who can spend with abandon.

Strong photography and a robust digital offering will be what gets them off the sofa and in your front door. I cannot tell you the number of times I have seen a $5,000 to $10,000 investment in pre-listing prep add hundreds of thousands of dollars more to the sale price.

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